It is perhaps fitting that the seriousness of the coronavirus threat hit most of the Western world around the Ides of March, the traditional day of reckoning of outstanding debts in Ancient Rome. After all, problems and imbalances have accumulated in the Western capitalist system over four decades, ostensibly since it took the neoliberal road out of the 1970s crisis and kept going along it, heedless of the crises and problems it led to.
This lecture acts as an introduction to the Macroeconomics course (ECON 720) at John Jay College. Throughout the lecture, the classical and Keynesian conceptions of macroeconomic relationships are contrasted.
The world is regularly shaken by crises: some are bigger, others are smaller in scope. Local turmoil, military conflicts, commodity scarcity, bank runs, health threats - the history of mankind can be written as a history of crises. Three major global crises occurred in the last fifty years alone: the …
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